Financial Advice Delivery to the High Net Worth: From Financial Planning to Wealth Planning
Report Summary
Financial Advice Delivery to the High Net Worth: From Financial Planning to Wealth Planning
Firms are changing their organization, tools, and processes to deliver wealth planning to more clients.
Boston, October 15, 2014 – U.S.-based wealth management firms catering to the high-net-worth and ultra-high-net-worth segments leverage huge intellectual capital, but they still struggle to deliver wealth planning to every client. With pressures from low-cost digital advisors and fee-sensitive baby boomer clients, delivering a holistic wealth management value proposition to every client is critical. What changes should firms make to ensure a larger percentage of wealthy clients are receiving holistic advice?
This Impact Report is based on phone interviews with executives and practitioners at 13 top 30 wealth management firms and findings from a Q2 2014 Aite Group survey of over 400 U.S. financial advisors. It discusses how wealth management firms are evolving their wealth planning offers to meet HNW and UHNW families' need for comprehensive advice and looks at differences across three segments of wealth management firms: private banks, wirehouses, and retail banks.
This 35-page Impact Report contains 12 figures and seven tables. Clients of Aite Group's Wealth Management service can download this report.